Morepen Labs Profit Rises 57% To Rs 30 Crore In June Quarter, Stock Gains 3%
Morepen Laboratories reported a net profit of Rs 30.47 crore on a consolidated basis in the April-June of the financial year 2021-22, compared to Rs 19.37 crore in the corresponding quarter last year, marking a growth of 57 per cent year-on-year. The leading pharmaceutical company announced its first quarter results for the current fiscal year on Tuesday, July 27, after which its share price gained around three per cent during the trading session.
Morepen Laboratories opened on the BSE at Rs 67.85, swinging to an intra day high of Rs 71, and an intra day low of Rs 66.60, throughout the trading session today. Shares of Morepen Labs settled 2.62 per cent higher at Rs 68.45 apiece on the BSE.
The Delhi-based pharma company's net revenue in the Juen quarter stood at Rs 388.31 crore, compared to Rs 258.97 crore in the corresponding quarter last year, marking a growth of 50 per cent year-on-year. The company recorded its highest-ever quarterly revenue growth at 50 per cent in the April-June quarter, according to a regulatory filing by the firm to the stock exchanges.
Morepen Lab's medical devices business also recorded the highest ever quarterly revenue with a growth of 189 per cent on a sequential basis. The company's domestic business registered a growth of 95 per cent to Rs 275.84 crore in the June quarter, driven by the growth contributed by domestic revenues of diagnostics devices and the API business.
The pharma major tied up with the Russian Direct Investment Fund or RDIF - Russia's sovereign wealth fund, for the expansion of the production of Sputnik V vaccine, in an exclusive facility in Himachal Pradesh.
